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Newark Central School District Board of Education January 4, 2017

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Presentation on theme: "Newark Central School District Board of Education January 4, 2017"— Presentation transcript:

1 Newark Central School District Board of Education January 4, 2017
Reserve Presentation

2 Agenda: Types of Reserves History of Reserve Amounts Reserve Plan
Questions

3 Reserve Types Capital Reserve: -Funds can only be used with voter approval. Examples: Bus Reserve and Capital Reserve General Fund Reserve: -Funds can be appropriated by the Board of Education for use in the budget within rules.

4 Reserve Types Capital Reserves Examples:
Building Capital Reserve - Technology Reserve Building Capital Reserve 2016 Bus Purchase Reserve Bus Purchase Reserve 2016 General Fund Reserve Examples: Worker’s Compensation Reserve - Reserve for Tax Certiorari Unemployment Reserve Retirement Contribution Reserve Liability Reserve Employee Benefit Reserve

5 Reserve Amounts 2004-2005 Total: $1,054,335

6 Reserve Plan Comptroller’s Audit of 2016 recommended a Reserve Plan be created. This is in the works with the Audit Committee members. Reserve Plan will outline the authority to create the reserve and what it can be used for, the amount in the reserve from the previous two years, a recommended amount to have in the reserve and the rational behind it. Upon completion of the Reserve Plan it will be presented to the Board of Education for approval. The goal is February 2017.

7 Questions Matt Cook, Superintendent Matt.cook@newarkcsd.org
If you have questions, please contact: Matt Cook, Superintendent Or Ed Gnau, Asst. Superintendent for Business

8 Vision Statement Newark Central School District is the centerpiece of our community that binds students, staff, families and neighbors through a profound sense of hometown pride. We engage all students with the diverse opportunities and academic experiences they need to reach their maximum potential. Our students thrive in an environment of high expectations, collaboration and respect. Effective communication and sustained connections foster a sense of importance, contributing to the success of every student every day.


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